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Lunar Pharmaceuticals has spent $2,400,000 over the last fiscal year ending December 31, 2019 (assume $200,000 per month) relating to the development of a new patented medical product. It was not until May 1, 2019 that the project was considered to be technically feasible. The patent will remain valid for the next 25 years. Sales of the new product are expected to occur over the next 10 years with 80% of all sales expected to happen in the first year (2020) and the remaining 20% of sales set to occur over years 2 to 10 (2021-2029)
Problem 1: Based on information above, present the journal entry Lunar Pharmaceuticals will record relating to the fiscal 2019 expenditures and explain your reasoning.
Problem 2: Based on information above, present the journal entries relating to this new product patent for the 2019 and 2020 fiscal years. Explain your reasoning.
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